[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5416 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 5416

 To amend the Higher Education Act of 1965 to establish a student loan 
      forgiveness program for women who are small business owners.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 29, 2018

   Ms. Adams (for herself, Ms. Wilson of Florida, Ms. Barragan, Ms. 
 Bordallo, and Mr. Espaillat) introduced the following bill; which was 
   referred to the Committee on Education and the Workforce, and in 
    addition to the Committee on Ways and Means, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
 To amend the Higher Education Act of 1965 to establish a student loan 
      forgiveness program for women who are small business owners.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Women Small Business Growth Act''.

SEC. 2. LOAN FORGIVENESS PROGRAM FOR SMALL BUSINESS OWNERS WHO ARE 
              WOMEN.

    Part G of title IV of the Higher Education Act of 1965 (20 U.S.C. 
1087a) is amended by adding at the end the following:

``SEC. 493E. LOAN FORGIVENESS PROGRAM FOR SMALL BUSINESS OWNERS WHO ARE 
              WOMEN.

    ``(a) Program Authorized.--The Secretary shall repay or cancel a 
qualified loan amount in accordance with subsection (b) for a loan 
made, insured, or guaranteed under part B or D for any borrower who 
meets one or more of the following:
            ``(1) The borrower is a woman who has been an owner of a 
        small business concern owned and controlled by women for not 
        less than 3 consecutive years.
            ``(2) The borrower is a woman who has been an owner of a 
        small business concern that--
                    ``(A) meets the requirements of paragraph (1); and
                    ``(B) has created not less than 1 new job.
    ``(b) Qualified Loan Amount.--
            ``(1) Ownership.--Upon completion of the third or fourth 
        year of the ownership described in subsection (a)(1), the 
        qualified loan amount for a borrower, for each such year, shall 
        be an amount equal to--
                    ``(A) 15 percent of the original, aggregate 
                principal amount of the loans; and
                    ``(B) the amount of interest on such loans that 
                accrues during the most recent year of such ownership.
            ``(2) Job creation.--For each year that a borrower meets 
        the requirements of subsection (a)(2), the qualified loan 
        amount shall be an amount equal to--
                    ``(A) 20 percent of the original, aggregate 
                principal amount of the loans; and
                    ``(B) the amount of interest on such loans which 
                has accrued (and which has not been forgiven under 
                subsection (a)(1))--
                            ``(i) in the case of the first new job 
                        created that meets the requirements of 
                        subsection (a)(2) after the borrower's 
                        ownership period of not less than 3 consecutive 
                        years, during such ownership period and until 
                        such first job is created; and
                            ``(ii) in the case of each succeeding job 
                        created after such first job, during the period 
                        beginning on the date such first job was 
                        created and ending on the date of creation of 
                        such succeeding job.
    ``(c) Exclusion From Income.--The amount of a loan, and interest on 
a loan, which is canceled under this section shall not be considered 
income for purposes of the Internal Revenue Code of 1986.
    ``(d) Prevention of Double Benefits.--No borrower may receive a 
reduction of loan obligations under both this section and section 428J, 
428K, 428L, 455(m), or 460.
    ``(e) Definitions.--In this section:
            ``(1) Annual adjustment percentage.--The term `annual 
        adjustment percentage' is equal to the estimated percentage 
        change in the Consumer Price Index (as determined by the 
        Secretary, using the definition in section 478(f)) for the most 
        recent calendar year.
            ``(2) New job.--The term `new job' means an employment 
        position at a small business concern owned and controlled by 
        women that--
                    ``(A) employs an individual who is not a owner of 
                such small business concern; and
                    ``(B) provides a salary of not less than $30,000 
                per calendar year, increased by a percentage equal to 
                the annual adjustment percentage for the calendar year 
                for which the salary amount under this paragraph is 
                being determined.
            ``(3) Small business concern owned and controlled by 
        women.--The term `small business concern owned and controlled 
        by women' has the meaning given under section 3(n) of the Small 
        Business Act (15 U.S.C. 632(n)).''.
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